With the few Ethereum wallets and the persistent hacking, Jibrel Network decided to different by developing its own. So the company introduced its jWallet.
In the recent past, the cryptocurrency market has grown tremendously, but this has also come with its fair share of challenges – fraudsters. As the market expands, the number of hackers has also risen, and this has kept the operators on their toes. Unfortunately, some hacking attempts have been successful. Although the introduction of the blockchain technology was initially believed to solve the hacking menace, it has not performed as many would have expected. The industry is still trying to figure out how to put bonds, currencies and other financial instruments legitimately without compromising their security.
Some measures have already been taken to enhance the security of the users. A good example is the Tether, a cryptocurrency used on the blockchain via Omni Layer Protocol. With this platform, the users can use, and trade tokens backed by the US dollar referred to as the USDT. Another wallet that you must have heard of or come across is the LaToken which well known for creating and also trade listing equity asset tokens. Last to mention but not the least is the Blackmoon Crypto that’s designed for creating and tokenizing funds in a legally compliant manner. But these platforms have also suffered massive attacks. Recently, tether lost $31 million in tokens to hackers.
But this menace could be a thing of the past. Well, a new company claims to have found the solution to this hacking problem. Jibrel Network, which specializes in the implementation of blockchain the bank and the so-called “Non-Bank Financial institutions is the company the market is talking about. It claims that it has been able to fix most of these problems, especially those concerning the wallets. In fact, the company recently managed to raise $3 million from digital currency investors including Tech Square, Arabian, Taas Fund, Aurora Partners amongst others.
With the few Ethereum wallets and the persistent hacking, Jibrel Network decided to different by developing its own. With its jWallet, the company says that it has been able to store financial assets such as commodities, equities, commodities on the Ethereum blockchain. Important to note is that Jibrel has already launched the Alpha version of the wallet that makes it easy to store, convert, and transfer ERC20 tokens much easier. Another unique feature that makes jWallet standout is the fact that it holds no data with all keys stored locally.
While most wallets are struggling with either security or usability, jWallet solved that. It can be run locally; it’s an open source and available in a mobile version. According to Victor Mezrin, CTO, the wallet will provide the highest level of usability without compromising on the security. Another feature that’s making it stand out from the likes of Tether is the fact that it has created token for six currencies (CNY, GBP, AED, USD, EUR) while the latter provides USD only. According to Yazanz’s Barghuthi, project leader at Jibrel Networks, he notes that their product Tether problem of purchasing USDT directly from an exchange. With this jWallet, one has to purchase JNT to be allowed to purchase tokens from the Jibrel DOA- this is what improves its security feature.